Customer intelligence is the type of BI used for collection of the customer data and analyze it. It is an emerging technology for better understanding of the customer experience insights. It also offers organizations with financially accountable view of their customer information. It helps organizations in understanding their top customers with their improving financial performance. Businesses are using CI as a method to understand what their customers are doing and why. Nowadays, CI solutions are integrated with CRM software for better tracking and give consolidated results.
The customer intelligence market is expected to have a CAGR of 20.4% during the period 2015-2020, mainly driven by adoption of vertical specific solution across end users. Telecom and retail segment are the major end-user of the CI solution as they invest a lot in understanding their customers. The global customer intelligence region market is analyzed by six regions - North America, Western Europe, Asia-Pacific, Central Eastern Europe (CEE), Middle East & Africa and Latin America. North America is the most matured markets owing to its extensive infrastructure and the number of companies investing in the market.
One of the major trend in the market is a swift transition from multi-channel customer engagement in Omni-channel customer engagement. The customer's entire journey is tracked across all channels in order to create a consistent, enhanced customer experience. With the emergence of technologies like big data, advanced analytics, which analyses information from multichannel (web, mobile applications, social media, Voice over customer) in real-time to produce customized offers in a split of a second. However, the lack of professionals to understand the technology and use the customer data will impact the growth of the market in the developing regions.
The organizations adopt a customer intelligence solution to increase revenue share, attract new customers, increase customer retention and modify or introduce new products, optimize operations. Major capabilities of customer intelligence solution are predictive analytics, decision management, real-time scoring, customer engagement, cross-campaign optimization, customer lifetime value segmentation. Some of the major market players include IBM, Oracle, Qilk, SAS, SAP, and Tableau.
The Customer Intelligence (CI) solution have become a mandate across industries. With customers being empowered by the mobile and accessibility to internet, there has been a start change in the behaviour patterns and the influencer which helps them in purchasing any product or services. Increasing competition, lowering margins, and the drive to know the customer more is urging enterprises to go for CI solution. The market seeing introduction of more real-time analysis feature, focus more on ease of usage and also more of visualization features.
Large vendors, as a part of their expansion strategy, will continue to acquire small players in the market. Solutions on cloud lowers the total cost of ownership, which is encouraging enterprises to opt for these systems and become more competitive.
Enterprise should look to adopt these applications as the implementation gives them the capability to respond better to the dynamic environment by analysing historic data and real time information about the market, which increases the overall flexibility and improves efficiency of the enterprises.
The Global Customer Intelligence market is expected to reach $4,892.0 million by 2020. The solution segment is expected to grow at a CAGR of 17.6% whereas the services segment is expected to grow at a CAGR of 27.0%. The healthcare & Lifesciences vertical segment is expected to grow at a CAGR of 35.4 % and is the fastest growing vertical among other verticals during the period of 2015-2020.
Central Eastern Europe
Middle East & Africa
Healthcare & Life Sciences
Media & Entertainment
Travel and Tourism
SAS Institute Inc.
Open Text Corporation
Qlik International AB
Information Builders Inc
Angoss Software Corp